Oldham Incorporated conducts business in State M and State N, which both use the UDITPA three-factor formula to apportion income. State M's corporate tax rate is 4.5 percent, and State N's corporate tax rate is 7 percent. This year, Oldham had the following sales, payroll, and property (in thousands of dollars) in each state: Gross receipts from sales Payroll expense State M $ 3,000 State N $ 7,500 Total $ 10,500 Property costs 800 900 1,200 1,000 Required: 2,000 1,900 Oldham's before-tax income was $3 million. Compute Oldham's State M and State N tax if State N uses an apportionment formula in which the sales factor is double-weighted. (Round all apportionment factors to 4 decimal places, e.g., 47.15% would be 0.4715. Enter "Apportionment percentage" and "Tax rate" in decimals and not in percentage. Do not round any intermediate values. Enter your answers in dollars and not in millions or thousands of dollars.) Answer is complete but not entirely correct. State M State N Total taxable income subject to apportionment $ 3,000,000 $ 3,000,000 Apportionment percentage State taxable income $ Tax rate State tax 0.3865 1,159,500 0.045 52,178 $ 0.7145 ( $ 2,143,500 0.07 150,045